Tables 29.8 and 29.9 provide estimates of changes in house prices for each of the eight capital cities of Australia. The information is presented in the form of price indexes constructed separately for established houses and project homes. They are calculated on the reference base year 2003-04 = 100.0 for each of the eight capital cities as well as a weighted average of them. The capital city indexes measure price movements over time in each city individually. They do not measure differences in price levels between cities.

The project homes price index measures the movements in the cost of constructing a dwelling on a client's land. The established house price index covers transactions in detached residential dwellings on their own block of land regardless of age (i.e. including new houses sold as a house/land package as well as second-hand houses). Price changes, therefore, relate to changes in the total price of dwelling and land.

29.8 ESTABLISHED HOUSE PRICE INDEX(a)

Sydney

Melbourne

Brisbane

Adelaide

Perth

Hobart

Darwin

Canberra

Weighted
average
of eight
capital
cities

Index Number

2003-04

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

2004-05

96.1

101.9

104.2

106.5

114.4

111.8

115.9

99.9

101.2

2005-06

93.3

106.4

108.2

111.2

145.7

119.7

138.8

103.5

105.1

2006-07(b)

95.3

116.6

119.3

119.9

194.0

131.7

159.3

112.9

115.3

Change from previous year (%)

2003-04

12.0

11.2

32.5

20.3

18.5

44.9

14.0

20.9

15.5

2004-05

-3.9

1.9

4.2

6.5

14.4

11.8

15.9

-0.1

1.2

2005-06

-2.9

4.4

3.8

4.4

27.4

7.1

19.8

3.6

3.9

2006-07(b)

2.1

9.6

10.3

7.8

33.2

10.0

14.8

9.1

9.7

(a) Reference base year is 2003-04 = 100.0.

(b) Subject to revision. For the most recent figures, see latest release of 'House Price Indexes: Eight Capital Cities'.

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